8 INTRODUCTION The fideicomiso, like the Trust, is considered as one of the most versatile figures for the free disposition of property, and has been widely used in the financial industry amongst others. This versatility has allowed the fideicomiso to be used as a solution for various numbers of problems and legal limitations, not only in the personal field (such as testamentary limitations) but also in the business arena (financial decisions, investment projects, etc.). As a result, we have seen an economic and social boost 1 in Mexico. We can trace back the existence of the fideicomiso to Roman times; its development can be followed throughout Roman, German and Anglo-Saxon legislation, up to modern times. As we will see throughout this work, the major influence of the Latin American fideicomiso comes from Anglo-Saxon Trusts, which have existed for many centuries. Given the important and common use of Trusts in Common Law legislations, the Mexican legislators considered of importance to include this figure to Mexican Law and adapt it, in order to address specific needs of the Mexican reality. At the same time, other figures, such as the roman fiducia, also contributed to the evolution of the Mexican fideicomiso. Even though the fideicomiso has only been of existence in Mexican laws since the last century, this was the first Latin American country to adapt it to its legislation (1924), being a pioneer of this figure in Latin America (Latin American economies adopted the fideicomiso as a copy of the Anglo-Saxon Trusts). In Mexico, the first use of the fideicomiso was for business purposes and it was not until later that it started to be used for the benefit of individuals, as we will see in the following chapters of this work. Nowadays, it is used for both purposes, but most commonly in business. The purpose of this work is to study how the Mexican fideicomiso works and its current application, as well as the resemblances and connections it has with Trusts. This work is divided into five parts. The first one will be dedicated to the historical and legal backgrounds of the figures that have been of importance in the development of the 1 WUNDERLICH GUMPEL, Mario, Factibilidad de incrementar en Guatemala el uso del Fideicomiso, Tesis de Maestría no Publicada, Universidad Francisco Marroquín, Facultad de Ciencias Económicas, Guatemala 1980, p.1, 7

9 fideicomiso; together with the historical and legal background of the Mexican fideicomiso in particular. On the second part, we discuss the most important characteristics of Trusts; in order to understand its connection with the fideicomiso, its importance, and influence in the fideicomiso s development. We will then come to an in-depth analysis of the fideicomiso in the third chapter, where we will study the nature of the fideicomiso as well as the legal dispositions that regulate this figure nowadays. The fourth chapter is a general overview of the tax treatment of the fideicomiso. However, as tax treatment is not the specific purpose of this work, we will only mention the most important tax dispositions applicable to the fideicomiso. And finally, on the fifth part before the conclusion of the work, we will present a comparative chart between the fideicomiso and the Trust, in order to be able to understand in a broader way the similarities that this two figures have and the differences that may exist between them. 8

10 1. HISTORICAL BACKGROUND OF THE FIDEICOMISO During the course of history, the right to own property has always been extremely important for man; even though in different periods and for different circumstances it has been limited in one way or another, it has prevailed throughout history and men have always found a way to create new institutions to have the right to own and dispose of their assets freely. The fideicomiso 2 has prevailed since ancient times, in spite of all the changes and modifications throughout its existence. This constant evolution has been possible as this figure has responded to the necessities that arise from the free disposition of one person s assets 3. The term fideicomiso comes from the Latin word fideicommissum: fides: trust and comissum: to commit. The most ancient origins of the fideicomiso can be found in the Roman law The Roman fideicomiso During Roman times, several restrictions imposed by law limited the free disposition to inherit. Some persons were excluded from inheriting, such as slaves, foreigners, women etc. As a result of these legal restrictions, the Roman law gave birth to two figures, which are the predecessors of the roman fideicomiso: the fiducia and the testamentary fideicomiso The fiducia The fiducia was accepted as a formal transfer of property (mancipatio) made with the obligation of the transferee to give back the property to the transferor or to a third party 4, 2 The fideicomiso is considered as an institution to freely dispose of a person s assets. No translation of this term will be made throughout this document in order to avoid any confusion. 3 BERG-SERRAN DE MASSIS Maria Eugenia, El Fideicomiso, su desarrollo y aplicación en el mundo moderno, Tesis de Magíster Artium en Ciencias Sociales, Universidad Francisco Marroquin, Escuela Superior de Estudios Sociales, Guatemala august 1993, p.5, 4 VILLAGORDOA LOZANO José Manuel, Doctrina General del Fideicomiso, 4th edition, Porrúa, México 2003, p.2 9

11 after the accomplishment of specific purposes, previously agreed by the parties. In its origin the fiducia was a very informal relationship where the transferor of the property had no guaranty in the event the transferee or creditor acted in bad faith 5. There were two types of fiducia: a) Fiducia cum creditore: its purpose was to guarantee the performance of an obligation. The debtor transferred property to the creditor in order to guarantee his debt, while the creditor committed to give back the property to the debtor, once the latter paid his debt. b) Fiducia cum amico: the owner transferred the property to a person he trusted, for him to use and enjoy gratuitously and in his own benefit. Once these purposes were accomplished, the transferee had to return the property to the transferor 6. The owner retained his interest in the property at all times Testamentary fideicomiso As a response to the restrictions to inherit mentioned above, a person who wished to transfer property to a legally incapable beneficiary, instead of doing it directly, which was legally impossible, would designate a legally capable person as his heir and entrust him that after his death (the testator s), he would convey the whole or part of his inheritance to the legally incapable real beneficiary (A appoints B as his heir (fiduciary) entrusted with passing the inheritance to C (beneficiary)); there was a division between title and interest on the property transferred under a fiducia 7. The fiduciary became the heir of the testator and it was up to his personal principles to perform this obligation properly. The testator had no guaranty except for the honesty and 5 RODRÍGUEZ RUIZ Raúl, El Fideicomiso y la Organización Contable Fiduciaria, Ediciones Contables y Administrativas, S.A., México 1977, p. 27, quoted by WUNDERLICH GUMPEL, Op. cit., p.6 6 VILLAGORDOA, Op. cit., p.3 7 CH. Van Ree, Trusts, trust-like concepts and ius commune, European Review of Private Law, 3/2000, n.p, 10

12 loyalty of the person to whom he entrusted the property 8. By means of this figure, the testator could convey property to a person who was prevented by law to inherit. The figure of the fideicommissum arose as a result of the confidence (trust) that a person had in a third party 9. With time, some people started to use the fideicomiso for illegal purposes, creating them in a tacit way. Therefore, the secret fideicomiso was then forbidden. The fiduciaries some times failed to execute their obligation so, in order to avoid fraud 10, the emperor created the figure of the pretor fideicommisarius; giving it the faculty to force the heir to accomplish the obligations entrusted to him. Later on, the beneficiary s substitution ( sustitución fideicomisaria ) 11 came to life with the purpose of transferring property from one person to another successively, after each beneficiary s death 12. This institution is different to the fideicomiso, as (i) it was created only to protect the family s wealth; (ii) the transmission of property took place only upon the fiduciary s death 13 ; and (iii) in the beneficiary s substitution there was no right to alienate the property. The beneficiary s substitution had an important popularity until the Napoleonic Code banned it, in response to the concentration of wealth in a few hands. These two institutions, the fiducia and the testamentary fideicomiso, are deemed to be the most ancient antecedents of the Mexican fideicomiso The fideicomiso in German Law According to Villagordoa, there are three institutions which are antecedents of the fideicomiso in German law: 8 BERG-SERRAN DE MASSIS, Op. cit., p.7 9 RODRIGUEZ RUIZ, Op. cit., p.27, quoted by WUNDERLICH GUMPEL, Op. cit., p.5 10 BERG-SERRAN DE MASSIS, Op. cit., p.8 11 In the beneficiary s substitution, the testator designates a direct heir and one or more substituted heirs and orders the fiduciary to enjoy and preserve the inheritance until the fiduciary s death, when it will pass to the substituted heirs. This institution has always been forbidden in México, according to Villagordoa in Doctrina General del Fideicomiso, p BERG-SERRAN DE MASSIS, Op. cit., p In the fideicomiso the transfer takes place immediately or at a fixed term. 11

13 Real estate pledge Through this institution, the debtor transferred to his creditor a real estate property in order to guarantee his debt. The creditor was bound to return the property and signed a letter confirming his commitments to return the property to the debtor, once the latter had paid his debt. This institution was only valid for collaterals established on real estate property Manusfidelis This institution was very important for inheritance purposes since, as in Roman law, German law considered some limitations concerning the heirs. It consisted on the transmission of the asset to a fiduciary called manusfidelis by means of a letter (called venditionis). Immediately after the transmission, the manusfidelis re-transmitted the assets acquired to the real beneficiaries, reserving for the donor the right to enjoy the asset donated during the donor s life Salman or Treuhand These are the persons who carried out the role of the fiduciary. German law has defined it as the intermediary person, through whom the transmission of a real estate asset is made. C.H. van Rhee explained it as follows: a person, salmannus, is charged with administering property in the interest of another person or for a designated purpose. He does not administer the property for his personal interest 16. He receives his faculties from the transferor and at the same time, he assumes his obligation before him VILLAGORDOA, Op. cit., p.5 15 Idem., p.6 16 CH. Van Ree, Op. cit., n.p. 17 MESSINA Giuseppe, Negozi Fiduciari, Scritti Giuridici, Milano 1948, Vol. 1, p.151, quoted by VILLAGORDOA, Op. cit., p.6 12

14 1.3. The fideicomiso in English Law (Trusts) Trusts did not come to life unexpectedly; they were subject to various stages before they came to be what they are today. The Trust is an institution that has been used for many years; it is thought that it has its roots in the medieval times. Its origin is very closely linked to the institution of use. In the Middle Ages there were many restrictions to transfer land by will and this gave birth, during the 13th Century, to the institution known as use 18. The use consisted of the transmission of land made by will or inter vivos in favour of a person (front man), who owned the land on behalf of the beneficiary or cestui que use 19. This institution appeared in England as a consequence of the medieval common practice to deliver assets, mainly real estate ( ) by transferring the control to a person (feoffee to uses), for him to administer it for the benefit of another person (cestui que use) 20. For example: One wishes to give to A the enjoyment of a real estate property, this could be possible by means of a feoffement, in which B would be invested with the right of property in the real estate (to use), but the profit of such property would be attributed to A. Sometimes the feoffee to uses did not accomplish his obligations towards the beneficiaries. This was a problem since the beneficiaries had no property rights in the trust assets. By taking advantage of the use, some feudal taxes on property were avoided, so the use can be regarded as an early tax-avoidance scheme 21. The use was also used in some fraudulent practices such as the transfers in use, in order to defraud the creditors 22, ( ) avoid restitution claims and ( ) the evasion of the status mortmain 23 ; which allowed the donation of land to the church foundations 24. These fraudulent practices were restrained during Edward III s reign. As the use gave birth to many difficulties, such as fraudulent uses and abuses; in 1535 the 18 WUNDERLICH GUMPEL, Op. cit., p.7 19 MAITLAND, F.W, Equity A Course of Lecture, Revised and Annotated by John Brunyate, Cambridge University Press, 1949, p.23, quoted by BATIZA Rodolfo, El fideicomiso: teoría y práctica, 5th edition, Jus, Mexico 1991, p BATIZA, Tres estudios sobre el fideicomiso, Instituto de derecho comprado, Imprenta Universitaria, México 1954, p.36, 21 WATT Gary, Trusts and Equity, Oxford University Press, Oxford 2003, p.9 22 The debtor transferred his assets to a fiduciary, in order for such fiduciary to own them in his own benefit; it was seen as if the debtor was insolvent. 23 As the church owned very big extensions of land, the Parliament created the Statute of Dead Hands; by which it was forbidden for the church foundations or corporations to acquire the property of the land were they lived. 24 BATIZA, El Fideicomiso: teoría y práctica, Op. cit., p.34 13

15 Statute of Uses was created to regulate this institution. The effect of the statute was to transfer legal title ( equitable ) to the beneficiary of the use (cestui que use) 25 and to recognize the application of the use. This was the first attempt to attribute the beneficiary with some rights, which were not full rights on property. Whoever enjoyed from a use would be considered as the legal owner of the assets 26. The Courts recognized the feoffee to uses as the legal owner of the property and no full right on property was recognized on the cestui que use or beneficiary. As a result of this, the Courts of Equity were created, and it is this Court who recognized for the first time an equitable title on the property in favour of the beneficiary. The creation of the Courts of Equity gave as a result that two legal systems, Common Law and Equity 27 (each with its own Court), gave faculties in one and the same thing to two different persons (trustee and beneficiaries). This situation is known as the division or unfoldment of property, which is the most relevant characteristic of the Trust 28. The separation of legal and equitable title will always produce a Trust in English law 29. The Courts of Equity created the concept of equitable property, vested in the beneficiary so he could obligate the trustee to perform his obligations. As a result, the trustee had the legal ownership of the property and the beneficiaries had the equitable ownership. By means of this, abuses from the trustees were limited or reduced. Whatever the explanation of how and why the beneficiary s mere personal right against a particular defendant became a property right in the trust asset, it is now clear that when the absolute owner of an asset transfers it to trustees on express trust for certain beneficiaries, the effect is to vest legal title to the property in the trustees and equitable title (equitable or beneficial ownership) in the beneficiaries WATT, Op. cit., p.9 26 BERG-SERRAN DE MASSIS, Op. cit., p WATT, Op. cit., p. 11. Equity is a body of principles, doctrines and rules developed originally by the old Court of Chancery in constructive competition with the rules, doctrines, and principles of the Common Law Courts ( ) now applied by the Supreme Court of England and Wales. The reason why the rules of equity arose was to deal with situations in which the common law was unable to give relief due to a temporary paralysis. 28 HERNÁNDEZ DOMÍNGUEZ Joel, Comparación entre el Fideicomiso y el Trust Angloamericano, Universidad Iberoamericana de León, México, p WATT, Op. cit., p Idem., p.11 14

16 Given that the Mexican Fideicomiso was created based on the institution of Trusts, I will dedicate a special chapter to explain this figure, as I consider it relevant to explain extensively Historical Background of Fideicomiso in Mexico There are no records of the existence of the fideicomiso in Mexico before the 20 th Century. Before this date, the only known purpose of the fideicomiso was to perpetuate an inheritance. However, this institution was not regulated. The fideicomiso began to be of importance and consideration at the beginning of the 20 th century. Given that in Mexico we could only find the fideicomiso related to testamentary dispositions, the legislators had to import the Anglo-Saxon Trust in a restricted way, as only the express trust was adopted by our legal regime 32. The first record of the Mexican fideicomiso is a Trust that was created in the United States, at the beginning of the 20 th Century, to guarantee the issue of bonds or obligations which aimed to fund the construction of trains of the Mexican Railway Company 33. This particular Trust did not have an impact on the future legal recognition of the Mexican fideicomiso, but it was the first trust effective on Mexican territory. Afterwards, the legislators decided to try and adapt the Anglo Saxon Trust to the Mexican Law. As a result, there were many projects of acts that tried to establish the fideicomiso in the legislation. The first of these attempts took place in 1905 with the Limantour Project, which was the very first one to adapt the Trust to a Roman law system. The second attempt was in 1924 with the Creel Project, which was based on the functioning of the American Trusts and Saving Banks 34. In 1924 the LGICEB was created and this second project had an effective influence on the first official regulation of the Mexican fideicomiso. The third attempt, in 1926, was the Vera Estañol Project, which 31 See Chapter VILLAGORDOA, Op. cit., p.p.44 and BATIZA Rodolfo, Fideicomiso teoría y practica, 2nd edition; Asociación de Banqueros de México, México DF 1973, p.83, quoted by PIÑA MEDINA Jorge and ACOSTA ROMERO Miguel, Las Instituciones fiduciarias y el fideicomiso en México, Banco Mexicano Sofomex, S.A., México DF 1982., p BATIZA, Op. cit., p

17 was very similar to that of As mentioned before, only the Creel project had an influence on the fideicomiso s regulations; the other projects are only considered as an attempt to regulate the institution. The LGICEB was the first to introduce the fideicomiso in the Mexican law. Later on, other laws were issued 35, influenced by the concepts from the Panamanian jurist Ricardo J. Alfaro; who defined the fideicomiso as an irrevocable mandate by means of which specific assets were delivered to a bank, as fiduciary, for him to dispose according to the will of the person that gave them to him, called fideicomitente, for the benefit of a third person called fideicomisario 36. Finally, in 1932, the LTOC substituted the 1926 s LGICEB but kept the principles established on the 1926 Law. This new Act foresaw the revocation of the fideicomiso 37, which was not previously allowed. Throughout time, the dispositions of this Law, concerning the fideicomiso, have been subject to several modifications both on its substance and on its tax treatment 38. The last of these modifications was made on Such as the Law of Banks of Fideicomiso which established in a more specific way the structure of the Mexican fideicomiso, and the 1926 LGICEB. 36 VILLAGORDOA, Op. cit., p For this to be possible, the fideicomitente has to reserve for himself the power to revoke it, at the moment of the constitution of the fideicomiso. 38 DOMÍNGUEZ MARTÍNEZ Jorge Alfredo, El fideicomiso de antes y ahora, Porrúa, México 2008, p.16 16

18 2. TRUSTS 2.1. Definition and Characteristics There have been many attempts to give a satisfactory definition of Trusts 39. This has not been easy, since this institution is very flexible and can be used for various purposes. Many authors have tried to outline the right definition. Some prefer a very simple one, such as Professor Powell (quoted by Rodolfo Batiza) the idea of a trust is essentially simple: in accordance with it, a person holds as an owner and administers certain assets for another person s economical benefit 40. On the other hand, a more detailed definition of a Trust is that of Sir Arthur Underhill who defines a trust as an equitable obligation binding a person, called trustee, to deal with property owned by him, called trust property (being distinguished from his private property), for the benefit of a third party(ies), called beneficiaries or, in old cases, cestuis que trust, of whom he may himself be one; and any one of whom may enforce the obligation. A trust is a legal device which contains elements both of the law of obligations and of the law of property 41. Through these definitions one may conclude that Trusts are enforced by equity rather than by common law. The latter only recognizes rights of property on the legal owner of the property and therefore, it will not recognize the equitable ownership of the beneficiaries. By means of a Trust, the beneficiaries have rights to or over the property held in Trust for their benefit (equitable ownership), even though they do not have the legal title in the property. The trustee has an equitable duty to compel with his obligations. Even though it is not mandatory, the trustee s obligations, together with the beneficiaries rights (in some cases), are often clearly outlined in a trust instrument. An example of a Trust can be the case where a father who wants to make provisions for his 39 The word trust can have a lot of meanings, the meaning in which we are interested is that of confidence, faith or believe in the goodness of another person. 40 BATIZA, Tres estudios sobre el fideicomiso, Op. cit., p PENNER James and SWADLING William, The law of trusts, University of London 2007, p.7, 17

19 children in the event of his death, transfers property in trust to another person with the instructions that the property is to be used for the benefit of his children Parties to a Trust: a) Settlor: is the person that creates the Trust and must be legally capable. Once the creation of the Trust has taken place, the settlor has no further role in the Trust. He can declare himself as one of the trustees or the only trustee and he can also be one of the beneficiaries of the Trust 42. The settlor is required to demonstrate an intention to create the trust, to identify the property subject to Trust, and to designate the beneficiaries of that property. The trust instrument could be most useful for these purposes. The settlor cannot interfere in the Trust once it has been created, unless he has reserved for himself a specific authority as trustee or as a beneficiary. b) Trustee: is the person to whom the property is conveyed to be held in trust for the beneficiaries. In order to be a trustee, a person must have the capacity to acquire and posses the property of the assets in trust ( ) and to administer them according to the trust instrument 43. The trustee must have natural and legal capacity 44, in order to be capable to retain the legal title on the assets and to be able to perform the Trust. A trustee can be either an individual or a legal entity. Even though the trustee is the legal owner of the property, the trust property (or funds) is deemed to be separate from the trustee s personal property. The trustee represents and acts on behalf of the Trust and has fiduciary and good management obligations to comply with, in order to protect the beneficiaries rights under the Trust. The trustee has to do what is best for the beneficiaries. 42 Exception: these capacities could fall on the same person if someone else, in addition to the settlor, is a beneficiary. 43 LEWIN Thomas, Lewin on Trusts, 16th Edition by W.J. Mowbray, Sweet & Maxwell, Ltd. London 1950, p.24, quoted by BATIZA, El fideicomiso: teoría y práctica, Op. cit., p Idem. 18

20 If the trustee breaches any of its obligations (established by law or by the trust instrument) he will be held liable for breach of Trust. c) Beneficiary(ies): the person or persons for whose benefit the property is held in Trust, and who have an equitable interest in the trust fund. The law establishes no restrictions as of who can be a beneficiary to a Trust. The beneficiaries have rights in rem, which means they have rights on the trust property and rights in personam; or in other words, they have rights against the trustee in case he commits a breach of Trust. It is possible for the same person to be both settlor and trustee, or trustee and beneficiary; however, these three capacities should not be on the same person 45. For a further explanation please refer to Schedule The three certainties For a Trust to be valid there must be: a) Certainty of words or intention: this means that the settlor has shown an intention to create a Trust. It is not necessary that the word Trust appears in the document or in the settlor s mind, but we need to be sure that the intention of the settlor was to create a Trust. Where there is no certainty of intention, the person entitled to the property will take (it) absolutely 46. b) Certainty of subject matter: this is the trust property; it must be certain and clear to which property we are referring to. Thus a declaration concerning the bulk of my estate will be ineffective to create a Trust (Palmer v Simmonds 1854) 47 ; it must be clear what will be subject to the Trust for the benefit of the beneficiaries. 45 See quotation no SYDENHAM Angela, Trusts in a nutshell, Sweet and Maxwell, London 1997, p.7 47 Idem., p.8 19

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